Waterfront Toronto receives more than $1 billion in funding to transform the Port Lands

The Government of Canada, Ontario, and Toronto made an exciting announcement yesterday, regarding the future of Toronto’s Port Lands. Prime Minister Justin Trudeau, Premier of Ontario Kathleen Wynne, and Toronto Mayor John Tory were in attendance with Waterfront Toronto CEO Will Fleissig to break the news.

All three levels of Canada are investing a total of $1.185 billion in the Toronto Port Lands Flood Protection project, which will support climate resilience, economic growth, and create well paying jobs for years to come. The government of Canada is providing up to $384 million and Ontario and Toronto will each provide $400 million. This project will lay the groundwork for future mixed-use development.

“This is a major milestone in the revitalization of an important piece of Ontario’s waterfront and we are pleased that all three levels of government are coming together to move forward with this work,” said Wynne. “Using a model proven successful in other waterfront communities, we are on our way to building a new neighbourhood that will be a vibrant place to live – a hub for good jobs and economic growth, and a mixed-use community that can be accessed and enjoyed by all. I am thrilled that we’re unlocking the incredible potential of these lands for people in Toronto and across Ontario.”

The project will provide flood protection through the creation of a naturalized mouth for the Don River. This will also clean up contaminated soil, unlock more land for development, and establish new aquatic habitats and wetlands to support native species.

“Port Lands Flood Protection is a key Council priority and part of the City’s vision for a vibrant, clean Toronto waterfront,” said Tory. “The major investment that all three orders of government are announcing today will unlock the potential of underutilized waterfront lands, protect the area from flooding and support Toronto’s long-term growth by creating new parks, natural areas, and mixed-use neighbourhoods – new places to live, work and play. Toronto is unique among North American cities to have such an asset on the doorstep of its downtown.”

During the announcement Trudeau mentioned that the Port Lands could someday house up to 30,000 residents. He also said that affordable housing would be included in the master-plans for the area.

The Toronto Port Lands Flood Protection project will take approximately seven years to complete, so it will still be a few years before there are any finalized plans for future development.

“Canada’s waterfronts are a resource to be enjoyed by all Canadians, today and tomorrow,” said Trudeau. “This project will help residents of Canada’s largest city adapt to the impacts of a changing climate while spurring local economic growth. With local and provincial partners, we are taking action today to protect our environment and leave a cleaner, more prosperous economy for generations to come.”